According to the latest forecast by Mark Carney Governor of the Bank of England low interest rates will remain throughout 2016. This should result in a rise in prices because of a steady decline in new instructions with the stock of unsold property the lowest ever recorded.
However, this needs to be tempered with the forthcoming European Referendum, a slow down in China together with the still nagging concerns in Greece. Coupled with the increased cost of buying a property, particularly is as an investment or second home because of stamp duty increases from 1st April.
Although despite these concerns there is a growing optimism for 2016 and the next few years, as communications continue to improve and the work from home ethos becomes more acceptable.
Of benefit to the county must be the ever-increasing congestion in London, the Home Counties and the Midlands, with evidence that buyers really do want to improve their quality of life and move from these areas to this lovely part of the world.
In addition birth rates in 2010 were well above 2000 and again we are beginning to see young families considering moving from London and the Home Counties for a better way of life. The good village and country property that we have in Devon is a rarity in the UK and hopefully with a settled political situation for England over the next four years we will see transaction levels increase and prices probably increasing by say 5% per annum.
For more information about how we can help you find your perfect property in Devon please contact
Tel: 01208 813273
Mob: 07785 936807